Quality of service tools for the Internet based on efficient bandwidth management.
Enterprise, Infrastructure & Services, Information Technology
NEA Board Members:
NEA had identified this groundbreaking Internet performance company in
its very early stages. In fact, NEA co-founder Dick Kramlich not only
invested at the Angel stage, but played a significant role working with
CEO Craig Elliott on initial strategy and direction for the company.
Why We Invested
When the time came for their first round of institutional funding,
Peter Morris, NEA General Partner based in Menlo Park, saw the clarity
of the Packeteer founders' vision and the drive behind their passion.
He spearheaded their Series A funding and worked closely with
the team to develop a plan that would indeed help improve the
efficiency of the Internet. He was appointed to the board upon
investment and, according to Craig, "demonstrated commitment and
leadership" for many subsequent years.
Packeteer successfully transitioned from a pioneer to a global leader
in WAN Application Traffic Management. Both from a financial and
strategic perspective, Packateer and NEA have moved together from angel
funding to institutional funding to IPO.
Today their solutions combine a family of scalable appliances
with patented software capabilities to deliver unmatched visibility,
control, acceleration and management of application traffic across WAN
and Internet links. Packeteer solutions are sold through a global
network of VARs, distributors and system integrators.
Why It Worked
A solid combination of ideas, strategy, people and financing allowed
NEA to walk side-by-side with Packateer from start-up to a highly
successful public company with sales of more than $92 million and a
market value of nearly $400 million.
What The Entrepreneur Says
"NEA has been as steady a partner as one can imagine," said Craig
Elliott, President, CEO and Director of Packeteer. "They're solid
people who've been there from the very beginning of our company. There
were many choices available to us, but NEA led the pack and the first
round. They perfectly complemented our team, with clear understanding
of the technology, of the vision and of the culture. The money was just
one aspect of their involvement: the strength was in the people."
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